If the cost of soybeans (the major ingredient in tofu)decreases,consumer surplus in the market for tofu will decrease.

Question

Quizplus · Accepted Answer

A decrease in the cost of soybeans would result in a decrease in the production cost of tofu, leading to a decrease in the price of tofu. As a result, consumers would have a higher consumer surplus, as they would be able to buy the same amount of tofu at a lower price or more tofu at the same price. Therefore, a decrease in the cost of soybeans would increase consumer surplus in the market for tofu, not decrease it.

If the Cost of Soybeans (The Major Ingredient in Tofu)decreases,consumer